By Paul A. Harris
Portland, Ore., Aug. 12 – AdaptHealth LLC priced an upsized $600 million issue of 8.5-year senior notes (B1/B) at pr to yield 5 1/8% on Thursday, according to a market source.
The issue size increased from $550 million.
The yield printed at the tight end of yield talk in the 5¼% area.
The deal went well, sources said.
The new AdaptHealth 5 1/8% senior notes due March 2030 were trading at par 5/8 bid, 101 offered at Thursday's close, a trader said.
Jefferies LLC was at the left of a syndicate of bookrunners that also included BofA Securities Inc., Citizens Capital Markets Inc., Deutsche Bank Securities Inc., Fifth Third Securities Inc., KeyBanc Capital Markets Inc., Truist Securities Inc. and J.P. Morgan Securities LLC.
The provider of home health care products and services plans to use the proceeds to refinance its outstanding promissory notes, term out its current revolver and fund cash to the balance sheet to support its acquisition pipeline.
| Issuer: | AdaptHealth LLC
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| Amount: | $600 million, increased from $550 million
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| Maturity: | March 1, 2030
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| Securities: | Senior notes
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| Bookrunners: | Jefferies LLC, BofA Securities Inc., Citizens Capital Markets Inc., Deutsche Bank Securities Inc., Fifth Third Securities Inc., KeyBanc Capital Markets Inc., Truist Securities Inc. and J.P. Morgan Securities LLC
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| Co-manager: | Janney Montgomery Scott LLC
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| Coupon: | 5 1/8%
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| Price: | Par
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| Yield: | 5 1/8%
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| First call: | March 1, 2025 at 102.563
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| Trade date: | Aug. 12
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| Settlement date: | Aug. 19
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| Ratings: | Moody's: B1
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| S&P: B
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 5¼% area
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| Marketing: | Roadshow
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